In a compelling address at the Pentpreneur Conference 2025, the immediate past First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, stressed the need for businesses to repay their loans.
‘When you go to the bank to borrow, it is not for free—pay. If you don’t pay, you pay in another way,’ he said.
Speaking on the theme, ‘The Impact of the Ghanaian and Global Economy on Businesses,’ Dr Opoku-Afari highlighted the detrimental effects of non-performing loans on the economy and future borrowing costs.
Dr Opoku-Afari explained that when businesses fail to repay their loans, banks are forced to incorporate these unpaid loans into the calculation of future loan rates. This practice inevitably leads to higher interest rates for all borrowers, making it more expensive for businesses to access credit.
He pointed out that non-performing loans currently account for a significant 21 percent of total loans in Ghana, a figure that underscores the urgency of addressing this issue.
‘Loan repayment is not just a matter of fulfilling a contractual obligation; it is a crucial component of economic development,’ Dr Opoku-Afari stated. He stressed that timely repayment of loans helps maintain the health of the banking sector, which in turn supports broader economic stability and growth.
The former Deputy Governor’s remarks were made on Thursday, February 27, 2025, at the maiden Pentecost Global Business Conference (Pentpreneur 2025), organised by The Church of Pentecost at the Alisa Hotel in Accra. The event brought together business leaders, entrepreneurs, and policymakers to discuss the challenges and opportunities facing the Ghanaian economy in a global context.
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